tZERO Cryptolatest release: 2.0.4 ( 11th August 2021 ) last analysed 11th September 2021 Not a wallet
Do your own research!
Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.
The Analysis ¶
(Analysis from Android review)
The description on Google Play lists its features:
An easy and secure way to instantly buy, manage, and sell Bitcoin, Ethereum, Dogecoin, Litecoin, Ravencoin and many more.
Also on the same page, a few paragraphs down:
We do not hold your crypto. When you purchase Bitcoin, Ethereum, Dogecoin, Litecoin, Ravencoin etc., it is sent from the point of purchase directly to your private wallet. Unlike many sites & exchanges, this means that no one will steal your crypto!
While at the interim, this may seem confusing, we dug around a bit more and found the explanation in tZERO Crypto app’s Terms and Conditions:
You also agree to take any steps necessary that we or the Custody Provider request to confirm such authority to such External Wallet. tZERO Crypto reserves the right to restrict, delay, or cancel any Deposit or Withdrawal if it perceives a risk of fraud orother illicit activity. When you initiate Withdrawal Transactions, tZERO Crypto will transmit the instructions to the Custody Provider who will conduct the transaction.
After some Googling, we found that tZERO has partnered with Prime Trust as its “Custody Provider”.
The app through technological means, acts as a middle man who “sends instructions” to another middle man, which is Prime Trust. We took a look at the custodial service of Prime Trust and saw this at the bottom of their ‘Prime Custody’ page.
We offer both wallets that require manual signing as well as wallets with programmatic signing. Our smart contracts have all undergone independent security that audits in addition to our routine IT examinations and penetration testing.
The rationale for this “passing around of custody” has to do more with the legal nature of cryptocurrencies as tZERO Group Inc. is a Delaware, USA based company while its cryptocurrency related company tZERO Crypto Inc., is registered in Utah. As such we determined this app to be custodial and therefore not verifiable.
This appears to not be a product to receive and send money.
As part of our Methodology, we ask:Is it a wallet? If not, we tag it No Wallet
If it’s called “wallet” but is actually only a portfolio tracker, we don’t look any deeper, assuming it is not meant to control funds. What has no funds, can’t lose your coins. It might still leak your financial history!
If you can “have” bitcoins in it but not actually receive or send them, then what really happens is that you can get exposure to the Bitcoin exchange rate but we still don’t consider it a wallet.
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